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The following balances were extracted from Billy Transport Services books on 31 August 2021. ...

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Question

Accounting

The following balances were extracted from Billy Transport Services books on 31 August 2021.

$

Office equipment

15,000

Premises

100,000

Investment

13,700

Dividend received

4,020

Utilities

7,978

Insurance

8,786

Commission income

18,400

Drawings

9,300

Loan

60,000

Bank

44,906

Cash on hand

400

Capital

80,000

Transport income

110,620

Wages and salaries

24,050

Motor van

48,000

Motor van expenses

12,310

Trade receivables

22,700

Trade payables

34,090

Additional information:

The owner Billy issued a business cheque to pay for his office utilities of $144. He has forgotten to record this.

Required:

  1. Prepare a Statement of Profit or Loss for the year ended 31 August 2021.

  1. Prepare a Statement of Financial Position as at 31 August 2021.

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